In the energy market Thursday, crude for July delivery retreated, closing at $126.62/barrel, down $4.41. June reformulated gasoline lost 5 cents, to $3.40/gallon.

The base metals were mostly in the red on Wednesday. Copper was erratic, bouncing all over during the day, but ended up sliding somewhat, finishing at $3.8102/lb., down 3 cents.

Something very unusual is happening in the oil markets… and it’ll keep the oil price way above $100 for the rest of year.

With oil prices pulling back this week, perhaps not unsurprisingly, from the psychological barrier of $125 a barrel, it’s a good time to take stock of where we are and where we’re going.

Gold held steady at around $945 in the far East, but started down once London opened, and continued to plummet through the first hour of the New York session on Friday, falling as low as $905 before turning north for the balance of the day and finishing at $916.20, down $18.10. For the week, gold lost 1.3%.